Plans to raise income tax for Belarus’ Hi-Tech Park scrapped

Minsk (BelTA) The Belarus government has decided to keep the current operation conditions of the Hi-Tech Park unchanged with regard to the taxation of the Park’s resident companies and non-resident ones, the press service of the Belarus government told BelTA.

The government has been considering raising the income tax rate for the Hi-Tech Park from 9% to 10%. “The decision has been prompted by individual results of the Park’s work that confirm that the right strategy to develop the Park has been chosen. It is also worth noting that income tax proceeds per employee in the Park are three times higher than the country’s average. In 2014 the total income tax proceeds rose by 50% from 2013,” explained the press service.

Yet the government expects the Hi-Tech Park to more intensively develop and make the relevant contribution to the national economy taking into account the goals set by the head of state and the decision to expand the choice of the lines of business that can be pursued in the Park, stressed the press service.